Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers D > Headlines for Del Monte Foods Co. > News item |
Del Monte plans new loan, bonds for buyout; expected 2011 business
By Sara Rosenberg
New York, Nov. 29 - Del Monte Foods Co. is expected to get a new credit facility and issue high-yield bonds to help fund its buyout by Kohlberg Kravis Roberts & Co. LP, Vestar Capital Partners and Centerview Partners, according to a market source.
The debt financing is anticipated to come to market some time next year, the source said.
Bank of America, Barclays, JPMorgan, Morgan Stanley and KKR Capital Markets are leading the financing.
Under the agreement, Del Monte is being acquired for $19.00 per share in cash. The transaction is valued at $5.3 billion, including the assumption of $1.3 billion in net debt.
There is a "go shop" period until Jan. 8.
Completion of the transaction is expected by the end of March, subject to customary closing conditions, including receipt of shareholder and regulatory approvals.
Del Monte is a San Francisco-based branded pet and consumer products company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.